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What is Cargo Insurance?
A Cargo Insurance policy provides cover for shipments that are carried through different modes of transit.
If your cargo is lost or damaged due to any circumstances, then it leads to a huge financial loss as a lot of money goes into packaging and transporting them. Hence, cargo insurance provides an easy way to get financial reimbursement when your cargo is exposed to multiple risks during transportation.
How to get a Cargo Insurance Quote on Mediclaim.net
Follow 5 simple steps to choose the best Cargo Insurance Policy for your goods:
- Scroll to the top and find our web aggregator.
- Select the type of cargo, vessel, voyage, and the policy that you want to take.
- Tell us about yourself by filling out a simple form.
- Tell us about your organization and mention the type of coverage and budget that you need so we can gain more information to provide you with the best coverage.
- Get a cargo insurance quote online and compare the cost, benefits, and terms from the best companies in the market and choose the plan best suited for you.
Is cargo insurance required?
It is absolutely necessary to take cargo insurance to protect your shipments from unexpected risks while they are in transit.
As a business, the seller or shipping company has to ensure that they stay protected from financial losses that are caused due to the loss or damage of goods because most perils are out of their control.
The cargo such as wares, properties, merchandise, goods, or any other assets are prone to many external dangers such as natural calamities, theft, damage to the ship due to sinking or strangling, the collision of the ship, improper stowage by the carrier, jettison, and many other factors. Well in this case the insurance company will cover any impending risks in any mode of transport whether by land, sea, or air.
Hence, you can customize a cargo insurance policy according to your needs and get coverage from financial risks in any situation.
Types of Cargo Insurance in India
There are several cargo insurance policies you can choose from, based on your requirements. Given below are the details of each policy:
- Open Cover
The type of insurance policy is issued based on a contract for a period of 12 months. It is suitable for shipments that are imported and exported from one country to another. It is based on an unstamped agreement where the insurance provider agrees to cover all the cargo from all the perils that are within the scope of coverage during the policy period.
- Open Policy
This insurance policy is to cover the transport of goods within India and is valid for a year. This is similar to an open cover where all the goods in transit are covered under the overall sum assured of one policy. Individual cargo policies are not taken for each shipment and the premium is collected beforehand for the estimated value of all the cargo during the policy period. This policy is issued on a stamped document and the stamp duty is taken in advance as well.
- Specific Voyage Policy
As the name states, this cargo insurance policy applies for a single transit or voyage. It is issued before the journey starts and the coverage expires once the journey ends. The insured has to give all the details beforehand such as the name and type of the vessel, the conveyance bill, the bill of lading, waybill, and the date while agreeing with the terms and conditions of the policy.
- Annual policy
An annual policy covers goods in transit by rail, road, and sea from warehouses or processing units that are hired or owned by the insured. Is a prerequisite that the insured goods must be held in trust or belong to the insured. An annual policy cannot be issued to transport companies, shipping companies, freight forwarders, commission agents, etc. This type of policy can also not be transferred or assigned or issued to anyone in joint names.
What is the need for a Marine Cargo Insurance Policy?
To protect your cargo and get reimbursed for the finances invested in these shipments in case of a mishap, it is important to cover your consignments under a Cargo Insurance Policy. It’s valuable during the following situations:
- Shipments that are imported or exported from one country to another.
- For the marine transport of goods in rivers, seas, oceans, etc.
- Goods that are being transported by road, rail, air, or postal services.
- Goods shipped in coastal vessels from one port to another port.
- Cargo that is transported in small vessels over inland waters or goods that are delivered by country craft.
Inclusions under a Cargo Insurance Policy
Cargo insurance covers the financial loss caused to shipments due to the following circumstances:
- Fire or explosion.
- Sinking or strangling.
- Thunder and lightning.
- Derailment, toppling, or spillover.
- Washing overboard.
- Damage due to discharge of cargo at a port of distress or disturbance.
- Salvage charges.
- Total loss overboard or during loading and unloading.
- Theft and burglary.
- Storms, floods, cyclones, tsunamis, foundations, and other bad weather conditions.
- Riots and strikes.
- Impact by rail/road vehicle.
- Dishonesty of employees.
- Breakage, chipping, denting, bruising, water damage, and any other damage to cargo.
- War, rebellion, invasion, civil war, capture, seizure, and other such hostile circumstances are also covered by some insurance companies.
Exclusions under a Cargo Insurance Policy
You will not get compensation if the loss has occurred due to the following reasons:
- Faults in preparation and inadequate packaging quality of the shipments.
- Willful damages or misconduct performed by the insured.
- Illegal activities of the policyholder.
- Delay of the cargo.
- Normal leakage.
- Ordinary wear and tear.
- Normal loss in weight and volume.
- Inherent or existing flaws.
- Bankruptcy or financial problems of the carriers.
- Any other exclusions that are prescribed in the policy documents.
Benefits of Investing in a Cargo Insurance Policy:
The major advantages that you get when you buy cargo insurance are:
- Most policies are freely assignable to others.
- Marine Cargo Insurance policies are usually transit policies and are not restricted to a certain period.
- The existence of the insured’s interest needs to be established only if a loss occurs.
- Most marine cargo insurance policies are taken based on an agreed value, hence quotes are established instantly and claims are settled easily.